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S 3155

Relates to insurance coverage for in vitro fertilization

2025 Regular Session Introduced by Jeremy Cooney

Authorizes HMFA to award project-financing tax credits to 4% LIHTC housing projects with financing gaps when 9% LIHTC is scarce, using uncommitted EDA credits reallocated to HMFA.

REFERRED TO INSURANCE
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Bill Summary · S 3155

Summary — S-3155 (as amended/reported 5/6/24; reprint SCU 5/6/24 1R)

Note: the bill text in the legislative record concerns issuance and reallocation of certain state tax credits to support affordable housing financing through the New Jersey Housing and Mortgage Finance Agency (HMFA). The bill title and sponsor data in the provided metadata (referencing in‑vitro fertilization and federal senators) appear inconsistent with the bill text; this summary follows the bill language filed with the New Jersey Legislature.

Purpose

To authorize the New Jersey Housing and Mortgage Finance Agency (HMFA) to award project‑financing tax credits to developers of certain low‑income housing projects that received four‑percent federal Low Income Housing Tax Credits (LIHTC) but face financing gaps where demand for nine‑percent LIHTC exceeded available nine‑percent credits. The measure also reallocates any uncommitted tax credits from the Economic Development Authority’s (EDA) Community‑Anchored Development Program to the HMFA to support this purpose.

Key provisions

  • HMFA authority: Permits HMFA to award project financing tax credits to qualified projects that:
    • Received 4% federal LIHTC in circumstances where demand for 9% LIHTC exceeded available 9% credits; and
    • Demonstrate a project financing gap at application.
  • Award limits: For each qualified project, the total tax credit award may not exceed the lesser of:
    • The amount necessary to ensure the project receives total subsidy equivalent to receipt of a 9% LIHTC for that project; or
    • The demonstrated project financing gap.
  • Program delivery: HMFA may award credits via an existing HMFA program or by establishing a new program. Certain awarded credits may be sold or transferred by recipients subject to restrictions set by the bill.
  • Reallocation of EDA credits: The uncommitted portion of tax credits otherwise authorized under the EDA’s Community‑Anchored Development Program would be reallocated annually to HMFA when EDA awards less than its annual regional limits. (Under current law, beginning Jan 1, 2026 EDA may award up to $130 million annually for projects in the 13 northern counties and up to $70 million for the eight southern counties.)
  • Legal/administrative: Credits reallocated to HMFA would not be subject to the requirements or conditions of the New Jersey Economic Recovery Act of 2020.

Who is affected

  • Developers of affordable multifamily housing projects in New Jersey that used 4% LIHTC and face financing shortfalls.
  • New Jersey Housing and Mortgage Finance Agency (HMFA) — gains authority and program responsibility.
  • New Jersey Economic Development Authority (EDA) — its uncommitted Community‑Anchored Development Program tax credits may be redirected.
  • Investors or purchasers of tax credits (where transfers/sales are permitted under the bill).

Fiscal/ timeline and procedural notes

  • The Community‑Anchored Development Program’s regional annual caps noted in the statute: $130 million (northern counties) and $70 million (southern counties), with reallocation beginning after January 1, 2026 as clarified by committee amendments (consistent with P.L.2023, c.197).
  • The bill amends section 98 of P.L.2020, c.156 and supplements P.L.1983, c.530.
  • Legislative status (selected): reported with committee amendments by Senate Community & Urban Affairs (5/6/24); passed the Senate (6/9/25); delivered to Assembly and referred to Assembly Insurance Committee (11/7/25). It was also combined with S4071 (SCS) in 2025.

Additional observations

  • The reprint and committee amendments emphasize that reallocation of EDA credits to HMFA is to occur only for uncommitted annual balances and clarifies timing in light of later legislation delaying EDA awards until 1/1/2026.
  • This bill is intended to boost subsidy capacity for 4% LIHTC projects that otherwise would have qualified for the more generous 9% LIHTC but were unable to receive it due to limited 9% allocation.

Compiled from official sources — confirm details with the bill’s official record.

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